Simon Property Group Opens Houston Premium Outlets(R)

CYPRESS, Texas, March 27 /PRNewswire-FirstCall/ -- Simon Property Group, Inc. announced today that its Chelsea outlet division opened Houston Premium Outlets(R), in Cypress, Texas. Located approximately 30 miles west of Houston off US Route 290 at the new Fairfield Place Drive exit, Houston Premium Outlets contains 427,000 square feet of gross leasable area and 120 designer and brand-name outlet stores.

The Grand Opening celebration runs through Sunday, March 30 and features live entertainment by popular area musicians, giveaways, store promotions and more. Merchants include Ann Taylor, BCBG Max Azria, Banana Republic, Calvin Klein, Coach, Cole Haan, Crocs, Elie Tahari, Juicy Couture, Kate Spade, Lucky Brand Jeans, Michael Kors, Nike, True Religion and Waterford Wedgwood.

"With its strong offering of high-quality brands, we are confident that Houston Premium Outlets will become a magnet destination for fashion and value-conscious shoppers. Moreover, in addition to bringing a great new outlet shopping venue to the Houston area, we are very pleased to be creating approximately 800 new jobs," said John R. Klein, co-president of Chelsea.

Houston Premium Outlets is the 47th Premium Outlet Center worldwide. Chelsea's industry-leading properties also include Woodbury Common Premium Outlets (near New York City); Orlando Premium Outlets (Orlando, Florida); Desert Hills Premium Outlets (near Palm Springs, California); Las Vegas Premium Outlets (Las Vegas, Nevada); Wrentham Village Premium Outlets (near Boston, Massachusetts); Gotemba Premium Outlets (near Tokyo, Japan); and Yeoju Premium Outlets (near Seoul, Korea). Jersey Shore Premium Outlets is under construction and scheduled to open November 2008 in Tinton Falls, New Jersey. See http://www.premiumoutlets.com/ for more information.

Simon Property Group, Inc. is an S&P 500 company and the largest public U.S. real estate company. Simon is a fully integrated real estate company which operates from five retail real estate platforms: regional malls, Premium Outlet Centers(R), The Mills(R), community/lifestyle centers and international properties. It currently owns or has an interest in 380 properties comprising 258 million square feet of gross leasable area in North America, Europe and Asia. The Company is headquartered in Indianapolis, Indiana and employs more than 5,000 people worldwide. Simon Property Group, Inc. is publicly traded on the NYSE under the symbol SPG. For further information, visit the Company's website at http://www.simon.com/.